sort out debts

wiccawad

Hello,

my name is stu and i have a few debts that i need sorting. i think it maybe a good idea to consolidate them by getting a loan and then paying that off each month.

However, i dunno where to start! basically i have towo bank overdrafts which amount to £5000, a credit card that i owe £1000 and a CDL which i owe £8000 and is over 5 years, totaling to £11,000 in repayment

can anyone help me like?

bonnie_2

all i can say is do not consolidate. it will make your problems worse as you will be paying more in interest and for longer. also it will encourage you to run debts up again.
hubby been there 3 times and got the tshirt before contacting citizens advice after i got addicted to this site.
what you need to do is a statement of affairs all incomings and outgoings and post them so we can help you work out best way forward.
also try keeping a spending diary to see why your overspending it does help.
im sure someone else will be along shortlly.

southernscouser

wiccawad wrote:

Hello,

my name is stu and i have a few debts that i need sorting. i think it maybe a good idea to consolidate them by getting a loan and then paying that off each month.

However, i dunno where to start! basically i have towo bank overdrafts which amount to £5000, a credit card that i owe £1000 and a CDL which i owe £8000 and is over 5 years, totaling to £11,000 in repayment

can anyone help me like?

Hi wiccawad,

Generally speaking consolidation is not the best option, however in some cases it is a better option. As the previous poster said can you post a full SOA.
See this thread below for guidance and post back here!

http://forums.moneysavingexpert.com/showthread.html?t=107280